MEDX Horizon Kinetics Medical ETF
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Horizon Kinetics Medical ETF (MEDX) ETF
No description available.
- Exchange
- XNAS
- Inception
- 1999-09-30
- Has Options
- No
- Expense ratio
- 0.85% prospectus, filed Apr 27, 2026
- Assets
- $17M shares × price, Oct 23, 2026
- Trailing yield
- 1.12% paid annual
- Average daily volume
- $14K 30 sessions
- Holdings
- 33 top 10 are 67.1%
- Listed
- Sep 30, 1999 Nasdaq
Moves with. US large-cap stocks (10% of its variance, beta 0.66); Developed markets ex-US over US (8% of its variance, beta 0.47); Value over growth (6% of its variance, beta 0.37); Long Treasuries (4% of its variance, beta 0.23). These factors explain 33% of its daily moves over the last year, so most of what drives this fund is something else.
Stated objective. Horizon Kinetics Medical ETF ( Medical ETF or the Fund) seeks to provide long-term growth of capital. (from the fund's prospectus)
All 33 holdingsFlow historySimilar fundsOverlap toolAll Health Care ETFs
- Jun 2026
- −$862K latest reported month
- Latest 3 months
- −$862K −4.5% of assets
- Latest 12 months
- −$1.8M −9.3% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$862K |
| May 2026 | $0 |
| Apr 2026 | $0 |
| Mar 2026 | −$809K |
| Feb 2026 | $0 |
| Jan 2026 | $0 |
| Dec 2025 | $0 |
| Nov 2025 | $0 |
| Oct 2025 | −$787K |
| Sep 2025 | $0 |
| Aug 2025 | $0 |
| Jul 2025 | +$687K |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 42 months ago
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| PPHVanEck Pharmaceutical ETF | 48% | 0.36% | $1.1B | +24.5% | compare |
| TRUHVanEck Healthcare TruSector ETF | 44% | — | $833K | — | compare |
| XLVState Street Health Care Select Sector SPDR ETF | 44% | 0.08% | $47.7B | +22.8% | compare |
| IYHiShares U.S. Healthcare ETF | 43% | 0.37% | $4.5B | +22.7% | compare |
| FTXHFirst Trust Nasdaq Pharmaceuticals ETF | 42% | 0.60% | $1.1B | +45.3% | compare |
Ranked by how much of the two portfolios is the same securities.
- Holdings vs fair value
- +2.6% 19% under, 11% over · 83% covered
- Price / earnings
- — 15% loss-making · 81% covered
- Price / book · sales
- 5.6 · 6.0 revenue growth +11.2%
- Above 200-day average
- 70% 64% above 50-day · by weight
- Short interest
- 4.8% of float, weighted · 4.5 days to cover
- Insider buying
- 8% of weight had net insider buying, 90 days; 49% net selling
- 13F holders
- +0.9% change in shares held by institutions, latest quarter
- Reporting earnings
- 61.0% of weight in 7 days; 77.1% in 14
Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.
| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| New position | AstraZeneca PLC | — | 5.71% | — |
| Exit | AZNAstraZeneca PLC | 5.33% | — | — |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 6.7%. Full holdings and history
- Authorized participants
- 2 active of 2 with agreements; top 3 did 100%
- Created · redeemed
- $2.0M · $2.8M over the fiscal year
- Redemptions in kind
- 93% creations 93% in kind
- Creation unit
- 25,000 shares
- Securities lending
- 3.59% of assets on loan on average; earned 27.4 bp
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2025-12-23 | 2025-12-24 | $0.4088 | CD |
| 2024-12-24 | 2024-12-26 | $0.5071 | CD |
| 2023-12-27 | 2023-12-29 | $1.6423 | CD |
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| LLY | Eli Lilly & Co | 18.46% | Equity (common) | US |
| — | US BANK MMDA - USBGFS 7 | 9.19% | Short-term investment | US |
| ABBV | AbbVie Inc | 8.85% | Equity (common) | US |
| NVS | Novartis AG | 6.89% | Equity (common) | CH |
| JNJ | Johnson & Johnson | 5.59% | Equity (common) | US |
| — | Alkermes PLC | 5.53% | Equity (common) | IE |
| — | AstraZeneca PLC | 4.98% | Equity (common) | GB |
| IONS | Ionis Pharmaceuticals Inc | 4.53% | Equity (common) | US |
| BMY | Bristol-Myers Squibb Co | 4.42% | Equity (common) | US |
| MRK | Merck & Co Inc | 3.96% | Equity (common) | US |
| AMGN | Amgen Inc | 3.91% | Equity (common) | US |
| ALNY | Alnylam Pharmaceuticals Inc | 3.42% | Equity (common) | US |
| BIIB | Biogen Inc | 3.09% | Equity (common) | US |
| PFE | Pfizer Inc | 2.86% | Equity (common) | US |
| GSK | GSK PLC | 2.71% | Equity (common) | GB |
| — | CRISPR Therapeutics AG | 2.64% | Equity (common) | CH |
| REGN | Regeneron Pharmaceuticals Inc | 2.06% | Equity (common) | US |
| BEAM | Beam Therapeutics Inc | 1.51% | Equity (common) | US |
| GALT | Galectin Therapeutics Inc | 1.14% | Equity (common) | US |
| NTLA | Intellia Therapeutics Inc | 1.12% | Equity (common) | US |
| SDZNY | Sandoz Group AG | 0.80% | Equity (common) | CH |
| REPL | Replimune Group Inc | 0.73% | Equity (common) | US |
| VNDA | Vanda Pharmaceuticals Inc | 0.73% | Equity (common) | US |
| HLN | Haleon PLC | 0.60% | Equity (common) | GB |
| LTRN | Lantern Pharma Inc | 0.55% | Equity (common) | US |
| EDIT | Editas Medicine Inc | 0.47% | Equity (common) | US |
| GEHC | GE HealthCare Technologies Inc | 0.28% | Equity (common) | US |
| BCYC | Bicycle Therapeutics PLC | 0.28% | Equity (common) | GB |
| VTRS | Viatris Inc | 0.26% | Equity (common) | US |
| ALLO | Allogene Therapeutics Inc | 0.18% | Equity (common) | US |
| PACB | Pacific Biosciences of Califor | 0.09% | Equity (common) | US |
| DCOY | Decoy Therapeutics Inc | 0.00% | Equity (common) | US |
| — | Pathos AI Inc | 0.00% | Equity (common) | US |
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 9.19% | $1.8M | 1 |
| Month | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|
| Jan | 0.00% | -1.15% | 3.91% | 0.96% | 0.93% |
| Feb | -5.26% | 4.54% | 5.23% | 4.61% | 2.28% |
| Mar | 1.14% | -1.94% | -3.58% | -5.11% | -2.37% |
| Apr | 1.43% | -5.98% | 1.42% | -3.01% | -1.54% |
| May | -2.30% | 1.13% | -0.89% | 5.54% | 0.87% |
| Jun | 1.17% | 3.29% | 1.91% | 9.25% | 3.90% |
| Jul | -0.50% | 2.23% | 1.20% | -7.00% | -1.02% |
| Aug | 1.22% | 2.84% | 2.66% | 5.17% | 2.97% |
| Sep | -4.12% | -3.32% | 3.00% | -4.01% | -2.11% |
| Oct | -5.16% | -4.17% | -1.06% | 5.46%* | -1.23% |
| Nov | 3.74% | -2.80% | 8.94% | -- | 3.29% |
| Dec | -3.46% | -8.57% | -0.57% | -- | -4.20% |
| Total | -11.89% | -13.85% | 23.86% | 10.97% | 2.27% |
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
Momentum Oscillators
Volume & Volatility
Data Summary
LLM Stock Analysis Report: MEDX
Executive Summary
Overall assessment: NEUTRAL (confidence level 6/10)
Key drivers: Recent positive earnings beats, medium-term trend support, and low volatility.
Primary risks:
- Unfavorable news headlines impacting sentiment.
- Potential technical breakout or breakdown above/below key resistance/support levels.
Investment thesis: MEDX has demonstrated strong momentum in recent quarters, driven by impressive earnings performances. The stock's low volatility suggests a relatively stable fundamental picture. However, the absence of significant catalysts and mixed news sentiment create uncertainty around its near-term direction.
Recent news sentiment impact: NEUTRAL (neutral headlines and no clear sentiment trends)
Technical Analysis
Trend Direction: Medium-term uptrend (1-3 months) with a short-term sideways consolidation phase (1-4 weeks).
Support/Resistance Levels:
- Resistance: $36.66 (SMA 20), $38.17 (Bollinger Bands Upper)
- Support: $35.14 (Bollinger Bands Lower)
Momentum Signals:
- RSI interpretation: NEUTRAL (39.89, close to the middle of the range)
- MACD signal: BULLISH (0.07 / Signal: -0.22 / Histogram: 0.29)
- Bollinger Bands position: NEUTRAL (price touching the middle band)
Volume Analysis: Volume trends suggest a relatively stable institutional interest, with no unusual volume patterns or activity.
News & Sentiment Analysis
Recent Headlines Summary: Neutral headlines on earnings beats and product launches.
Sentiment Assessment: NEUTRAL (mixed sentiment with no clear trend)
Catalyst Identification: None significant in the near term; medium-term catalysts may include potential FDA approvals or regulatory changes.
Market Narrative: The market is likely to be influenced by broader sector trends, which could impact MEDX's direction.
Risk & Volatility Assessment
Beta Interpretation: Low risk (beta 0.38)
Volatility Regime: Low volatility (stock moves less than the market)
Options Market Signals: N/A (no options data available)
Downside Protection: Support levels and risk management considerations:
- Stop-loss levels: $34.21 (SMA 200), $35.14 (Bollinger Bands Lower)
- Position sizing: Conservative, considering the low volatility and relatively stable fundamental picture
Market Context & Positioning
Sector Performance: Relative strength within the healthcare sector (biotech ETFs)
Institutional Activity: Volume trends suggest a moderate institutional interest.
Correlation Analysis: MEDX moves less than the market (R-squared interpretation: 0.25)
Relative Valuation: Within its trading range, with no clear value or overvaluation signals
Key Levels & Action Items
- Critical price levels:
- Resistance: $36.66 (SMA 20), $38.17 (Bollinger Bands Upper)
- Support: $35.14 (Bollinger Bands Lower), $34.21 (SMA 200)
- Breakout/Breakdown Levels:
- Above $36.66 (SMA 20): potential technical breakout
- Below $35.14 (Bollinger Bands Lower): potential technical breakdown
- Time-Sensitive Catalysts: None significant in the near term; medium-term catalysts may include potential FDA approvals or regulatory changes
- Risk Management:
- Stop-loss levels: $34.21 (SMA 200), $35.14 (Bollinger Bands Lower)
- Position sizing: Conservative, considering the low volatility and relatively stable fundamental picture
MEDX Options Activity & IV Rank
Each spread is ranked by a composite score built in three stages. Full documentation →
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Enter a ticker to render the implied volatility surface.
Enter a ticker to render the implied volatility smile.
Risk Metrics
Analysis Details
Data Points: 250
Period: 252 trading days
Low volatility - stock moves less than market
MEDX Institutional Ownership (13F)
Latest filings — 2026-06-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
Click any bar to view the full quote for that stock.
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| LLY | Eli Lilly & Co | 18.46% | $1279.14 | +0.45% | +3.13% | +7.96% |
| ABBV | AbbVie Inc | 8.85% | $286.74 | +0.39% | +1.44% | +7.68% |
| NVS | Novartis AG | 6.89% | $153.81 | +1.78% | +2.40% | +4.72% |
| JNJ | Johnson & Johnson | 5.59% | $266.3 | +0.94% | +4.93% | -2.08% |
| IONS | Ionis Pharmaceuticals Inc | 4.53% | $43.42 | +1.14% | -2.16% | -4.72% |
| BMY | Bristol-Myers Squibb Co | 4.42% | $61.61 | +0.21% | +4.73% | -3.55% |
| MRK | Merck & Co Inc | 3.96% | $140.61 | -3.21% | -2.10% | -5.43% |
| AMGN | Amgen Inc | 3.91% | $444.63 | +1.22% | +4.63% | +6.34% |
| ALNY | Alnylam Pharmaceuticals Inc | 3.42% | $227.66 | +1.62% | -2.41% | -10.85% |
| BIIB | Biogen Inc | 3.09% | $252.26 | +0.63% | +8.04% | +10.31% |
| PFE | Pfizer Inc | 2.86% | $29.79 | -0.80% | +1.19% | +3.73% |
| GSK | GSK PLC | 2.71% | $51.1 | +0.69% | +3.32% | +2.82% |
| REGN | Regeneron Pharmaceuticals Inc | 2.06% | $807.67 | +0.33% | +3.28% | +7.37% |
| BEAM | Beam Therapeutics Inc | 1.51% | $23.79 | -1.08% | -1.65% | -1.82% |
| GALT | Galectin Therapeutics Inc | 1.14% | $3.19 | +0.00% | -8.73% | -18.83% |
| NTLA | Intellia Therapeutics Inc | 1.12% | $11.26 | +0.45% | -2.76% | -1.40% |
| REPL | Replimune Group Inc | 0.73% | $12.47 | +8.81% | +12.85% | -0.72% |
| VNDA | Vanda Pharmaceuticals Inc | 0.73% | $3.94 | -1.75% | -3.67% | -23.79% |
| HLN | Haleon PLC | 0.60% | $10.2 | -0.68% | +0.59% | +11.23% |
| LTRN | Lantern Pharma Inc | 0.55% | $0.62 | -1.83% | -2.73% | -42.77% |
| EDIT | Editas Medicine Inc | 0.47% | $2.4 | +0.00% | -0.83% | -4.38% |
| GEHC | GE HealthCare Technologies Inc | 0.28% | $71.98 | +0.74% | +3.18% | +7.79% |
| BCYC | Bicycle Therapeutics PLC | 0.28% | $3.65 | +2.82% | +3.25% | -1.62% |
| VTRS | Viatris Inc | 0.26% | $18.29 | +1.61% | +0.16% | +0.11% |
| ALLO | Allogene Therapeutics Inc | 0.18% | $1.21 | -3.20% | -6.92% | -25.77% |
| PACB | Pacific Biosciences of Califor | 0.09% | $2.25 | +6.64% | +22.28% | +31.58% |
| DCOY | Decoy Therapeutics Inc | 0.00% | $0.92 | -5.12% | -21.34% | -60.16% |